Dec 28, 2012 11:00am PST
, it is washington. and it is a lot at stake. it is about people's taxes, and, you know, the social safety net in america. it is the difference between democrats and republicans. >> yeah. we're going to talk more about the money now. thank you, jessica yellin. appreciate it. to new york now, joining us rick neuman, chief business correspondent for "u.s. news & world report." i want to ask you about the tax increase if there is no deal and tax rates rise, when would workers begin to see that reflekr reflected in their paychecks? when does the pain start? >> this is not one tax hike. this is about nine different sets of taxes. and the one that would go up right away is the payroll tax. that was cut temporarily in 2 009, cut by two percentage points and will go back up by two percentage points and that would come out of workers' paychecks right off the bat. it would add up to something like $60, $70 a month for the typical worker. we hear about all the tax rates that are going up, that actually wouldn't involve money that is in people's pockets until they actually pay their taxes or do their tax
Dec 28, 2012 6:00am PST
in the rhetoric are everyday americans like my next guest, she says washington needs to know how important the fiscal cliff is to those who are out of work, specifically to the 2 million americans who will lose their federal unemployment benefits an average of about $300 a week if no deal is reached. >> good morning. >> you were laid off a year ago. tell us your story. >> well, yes, i was laid off a year ago around this time in december. and i received employment so i've been trying to look for a job which has been very difficult, on the internet every day. i also tried to start my own small business in the same field, janitorial services, which the whole thing of not having any money has caused a great hardship because i'm unable now to finance my business as well or get a small business loan because i don't have a job. >> $300, i just want to jump in, i apologize for cutting you off $300 a week doesn't get you very far to the point of financing a business. how much did this cover just your everyday expenses of living and taking care of your grocery bill and all that you have to pay for?
Dec 28, 2012 8:00am PST
starr joins me now from washington. good morning, great to see you. when a terrible story. curious to know, how was this able to go on for so long with nobody blowing the whistle on it? >> this is really the question. let's start with the point that this young mother doesn't want her face shown because she doesn't want her children identified. one is the subject of abuse. she doesn't want her husband to be subject to retaliation. that's the climate we're talking about here. the actual abuse, the allegations, all happened back in september. but that phone call from president obama didn't come until december 14th because the leadership at the pentagon didn't know anything about this until mid-december. that's when the secretary of the army found out. that's when the secretary of defense found out. they ordered a broader investigation. it came to the president's attention. it is a very rare thing for the president to call over to the pentagon and have to say, what is going on? >> and i'm curious about that. how did that even get on the president's desk? how did he get involved in a da
Dec 28, 2012 9:00am PST
, and you do, too, because we've seen it repeated because this gridlock in washington, you know, sort of elicits a national eye roll. but we should point out that the issues they're fighting over are the fundamental dividing lines between the two parties. and the reason it has been so hard for them to reach any kind of agreement is because they're arguing about the role of government, bigger or smaller. tax cuts, yes, or more of a social safety net for people? those are the basic foundational issues that define democrats versus republicans. and so while both sides have tried to make noises toward reaching a deal, they fundamentally break down over these divide over ideas. and so these are big issues. they're arguing about right now, suzanne. >> all right. jess, give us an update, if there's any progress from that afternoon meeting. we know they'll at least be sitting in the same place. maybe they'll come up with something. thanks. >>> some u.s. companies are now seeing a big jump in exports to china, of all places. this is part of a growing demand of products made in america. our magg